As if the housing crash of 2008 did not cause enough damage to the home values of middle income Americans, the banks that received the big bailouts to stave off default are now turning the tables on the American public once again.
In a concerted effort to limit, their lost big name banks refused to take action on 1000’s of abandoned properties across the US. The financial hit suffered by most Americans due to loss in property value was something these banks were not willing to accept. The banks, and mortgage companies that held on to these abandoned properties literally littered neighborhoods with uncut lawns, mildewed sidings, and shingles that swayed in the wind like a scene from the old west. Their hope was the market would turn, and they would be able to unload these properties at a minimized loss.
Well, eight years later as Americans are finally getting a foothold on life again, and property values are showing promise, banks are selling off the abandoned properties that sat empty over the years at below neighborhood, and market values, in what is known as a short-sell. This selloff of properties, sometimes more than six to eight homes in a five miles radius has landed a devastating blow to the homeowners in surrounding neighborhoods. The gains seen in home values over the previous two years have dropped by $10-14 thousand dollars in some neighborhoods, and more in others.
Big corporations that regulate themselves, and make big contributions to those that are supposed to protect the public cannot continue to get away with this. There must be regulation put in place to stop contributions or side deals made by big business to any public, or government official. This contribution or promising of favor constitutes a conflict of interest, and limits the voice of the people.
It is time to redo Washington, we must remove the old regimes that hold dear to beliefs established during the Jim Crow era…..we can no longer be silent, and settle for ideology that says middle income Americans are an acceptable loss. IS THERE ANYONE LISTENING!
Janice E. Sullivan
www.janice@janiceesullivan.com